Monday, March 9, 2020
EXIM Approved 1,585 Small Business Authorizations Totaling More Than $1.4 Billion and Supporting Approximately 12,000 Jobs
he Export-Import Bank of the United States (EXIM) has approved 1,585 authorizations totaling more than $1.42 billion in support of American small businesses that export “Made in the USA” products around the world since May 2019, when a quorum of the Board of Directors was restored, through January 31, 2020.
This total includes $1.28 billion of short-term authorizations and $69.8 million of medium-term authorizations.
“EXIM stands ready to help our small businesses, which are the backbone of American commerce,” said EXIM President and Chairman Kimberly A. Reed. “In recent years, nearly 90 percent of EXIM’s authorizations have supported small businesses. As part of our recent reauthorization, Congress has directed EXIM to increase the share of export financing for small businesses, and we are committed to ensuring all U.S. small businesses have the opportunity to export their ‘Made in the U.S.A.’ products around the world.”
These small-business related authorizations have supported an estimated 8,000 U.S. jobs in FY 2019 and a preliminary estimate of 4,000 U.S. jobs to date in FY 2020.
In an effort to build awareness and to increase transparency about EXIM’s commitment to small business, EXIM published a complete list of transactions online. Below is a summary of overall small business activity during this timeframe. To see how small businesses from every state are using EXIM products, view success stories online.
|EXIM Authorizations May 9, 2019 – January 31, 2020|
|EXIM Product||Total (in millions)||Short-Term (in millions)||Medium-Term (in millions)||Long-Term (in millions)|
|Export Credit Insurance||$ 1,435.3||$ 1,382.9||$ 52.3||–|
|Working Capital Guarantees||$ 379.1||$ 379.1||–||–|
|Guarantees and Loans||$ 5,196.7||–||$ 169.8||$ 5,026.9|
|Total||$ 7,011.0||$ 1,762.0||$ 222.1||$ 5,026.9|
|Small Business||$ 1,425.2||$ 1,284.8||$69.8||$ 70.7|
|Minority and Women-Owned Business||$ 234.3||$ 205.9||$4.1||$ 24.4|
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, 90 percent of the total number of the agency’s authorizations has directly supported small businesses.